Merrill Lifer's guest appearances

Merrill Lifer

Mindy Diamond on Independence for Financial Advisors

OwlTail

A conversation with Andy Ferguson, founder and CEO of Proquility Private Wealth PartnersOverviewAs a former Merrill ACTM chairperson, Andy Ferguson had an acute view of the changes taking place at the firm. He shares how that influenced his decision to opt for independence over Merrill’s retire-in-place program CTP and more.Listen in…&gt; Download a transcript of this episode…NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.About this episode…Most advisors we speak with think independence is just for those with a long runway ahead of them.Yet that couldn’t be further from the truth.The reality is that many long-tenured advisors in the brokerage world come to a crossroads in their career: Sign on to their firm’s retire-in-place program or consider other options.While taking a recruitment deal from another firm is certainly a path, many recognize that there is a bigger picture to consider: Their firm may not be serving them and their clients best now and is not likely to do so in the future.Their perspective is that independence allows them to build their legacy how they see fit and unencumbered by a big firm agenda.Andy Ferguson is one such advisor who, after nearly four decades at Merrill, decided he didn’t like where the firm was heading. And Andy had a bird’s eye view of the changes that Merrill went through over the years, having served as Chairperson of the Merrill Lynch Advisory Council to Management (ACTM), advising the senior management on issues affecting clients worldwide.So signing on to the firm’s retire-in-place program and locking the business in for the longer term wasn’t how Andy envisioned his legacy.In August 2020, during the pandemic shutdown, Andy and his team launched Proquility Private Wealth Partners in Las Vegas, NV, with support from Dynasty Financial Partners and Fidelity Custody and Clearing as their custodian.In this episode, Andy shares his story with Mindy Diamond, including: The changes he saw at Merrill—and how that motivated him to consider his options. The real value of a retire-in-place program—and why Andy saw greater benefit in going independent. The option to launch an independent firm—and why he feels even tenured advisors can benefit more by breaking away. The realities of the transition process—and what he learned along the way. The opportunity to “shrink to grow”—and why he chose to leave a handful of relationships behind. Andy could have taken the path of least resistance: Sign on to Merrill’s retire-in-place program and monetize his life’s work at the end of the day. But for him, the decision was an easy one. That is, Andy wanted to ensure that when that day came, he answered to just one constituency: His clients. And the only way to do that was by launching his own independent practice.It’s a “reality check” episode for all advisors who are considering their future.Related ResourcesStuck in Place: How Merrill’s CTP Has Senior Advisors Right Where the Firm Wants Them Advisors who accepted Merrill’s ironclad succession agreement are now realizing how stuck they really are—serving as a cautionary tale for those who have yet to sign on. Read-&gt;Avoiding the Succession Cliff: Potential Paths for Soon-to-Retire Advisors Tenured advisors have invested a lifetime in building a business with real value, yet many don’t have a succession plan. Why the delay? And what are their options? Read-&gt;5 Reasons Why You Should Mess with Success Amid a banner year, it may feel counterintuitive to even think about disrupting momentum—but it may be wise to do just that. Read-&gt;Transitions, Retire-in-Place Programs and Termination: A Top Attorney’s Perspective Attorney Tom Lewis of Stevens &amp; Lee shares advice for financial advisors on navigating transition, avoiding termination, retire-in-place agreements, non-Protocol moves, and more. Listen-&gt;Andy Ferguson Founder &amp; CEOAndy Ferguson is the founder and CEO of Proquility Private Wealth Partners, a fully independent Registered Investment Advisor (RIA) based in Las Vegas, Nevada and serving clients throughout the United States.Andy founded Proquility to provide individualized attention and customized planning and investment services for select clients in need of multigenerational financial advice, education, and guidance. The RIA discreetly serves the unique goals of 62 high net worth client families and their philanthropic foundations throughout the United States.With more than 40 years of experience in financial and estate planning at Merrill Lynch, Andy is a Certified Financial Planner (CFP) as well as a Chartered Financial Consultant (ChFC). His Bachelor of Science in Finance is from the University of Arizona, and he received his Certified Investment Management Analyst (CIMA) designation from the Wharton School at the University of Pennsylvania.Andy has served as Chairperson of the Merrill Lynch Advisory Council to Management (ACTM), advising the senior management of the company on issues affecting clients worldwide. He also served as an industry arbitrator for the National Association of Securities Dealers (NASD) between 1994 and 2006. Since 2015 he has been included on the Barron’s “Top 1,200 Financial Advisors” list on an annual basis. In 2018, 2019, and 2020 he was named to the Forbes “Best-in-State Wealth Advisors” list.Andy has been a Las Vegas resident for over 30 years and has maintained an active role in the community. He is past President of the Boys and Girls Clubs of Las Vegas Foundation and has served on the advisory committee for the Marty Hennessy Inspiring Children Foundation. In addition, he is a member of the UNLV Planned Giving Advisors Council and the University of Arizona President’s Club.Andy is a classic film devotee, enjoys playing tennis, bike riding, and sharing a passion for animals with wife Terri in caring for four rescued cats. He has three adult sons and balances his time between Las Vegas and Naples, Florida.Also available on your favorite podcast app and other media sites Browse other episodes in this podcast series…

<h3>A conversation with Andy Ferguson, founder and CEO of Proquility Private Wealth Partners</h3>OverviewAs a former Merrill ACTM chairperson, Andy Ferguson had an acute view of the changes taking place at the firm. He shares how that influenced his decision to opt for independence over Merrill’s retire-in-place program CTP and more.<h3>Listen in…</h3><a href="https://insights.diamond-consultants.com/acton/attachment/43644/f-3bae0715-8316-4c7e-9442-4e3fd5526edc/1/-/-/-/-/Diamond-Podcast-Transcript-2023-Andy-Ferguson-ep%20222.pdf" rel="noopener nofollow" target="_blank">&gt; Download a transcript of this episode…</a>NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.<h3>About this episode…</h3>Most advisors we speak with think independence is just for those with a long runway ahead of them.Yet that couldn’t be further from the truth.The reality is that many long-tenured advisors in the brokerage world come to a crossroads in their career: Sign on to their firm’s retire-in-place program or consider other options.While taking a recruitment deal from another firm is certainly a path, many recognize that there is a bigger picture to consider: Their firm may not be serving them and their clients best now and is not likely to do so in the future.Their perspective is that independence allows them to build their legacy how they see fit and unencumbered by a big firm agenda.<a href="#guest-name" rel="nofollow" target="_blank">Andy Ferguson</a> is one such advisor who, after nearly four decades at Merrill, decided he didn’t like where the firm was heading. And Andy had a bird’s eye view of the changes that Merrill went through over the years, having served as Chairperson of the Merrill Lynch Advisory Council to Management (ACTM), advising the senior management on issues affecting clients worldwide.So signing on to the firm’s retire-in-place program and locking the business in for the longer term wasn’t how Andy envisioned his legacy.In August 2020, during the pandemic shutdown, Andy and his team launched Proquility Private Wealth Partners in Las Vegas, NV, with support from Dynasty Financial Partners and Fidelity Custody and Clearing as their custodian.In this episode, Andy shares his story with Mindy Diamond, including:<ul> <li>The changes he saw at Merrill—and how that motivated him to consider his options.</li> <li>The real value of a retire-in-place program—and why Andy saw greater benefit in going independent.</li> <li>The option to launch an independent firm—and why he feels even tenured advisors can benefit more by breaking away.</li> <li>The realities of the transition process—and what he learned along the way.</li> <li>The opportunity to “shrink to grow”—and why he chose to leave a handful of relationships behind.</li> </ul>Andy could have taken the path of least resistance: Sign on to Merrill’s retire-in-place program and monetize his life’s work at the end of the day. But for him, the decision was an easy one. That is, Andy wanted to ensure that when that day came, he answered to just one constituency: His clients. And the only way to do that was by launching his own independent practice.It’s a “reality check” episode for all advisors who are considering their future.<h3>Related Resources</h3><a href="https://www.diamond-consultants.com/stuck-in-place-how-merrills-ctp-has-senior-advisors-right-where-the-firm-wants-them/" rel="nofollow" target="_blank">Stuck in Place: How Merrill’s CTP Has Senior Advisors Right Where the Firm Wants Them</a> Advisors who accepted Merrill’s ironclad succession agreement are now realizing how stuck they really are—serving as a cautionary tale for those who have yet to sign on. <a href="https://www.diamond-consultants.com/stuck-in-place-how-merrills-ctp-has-senior-advisors-right-where-the-firm-wants-them/" rel="nofollow" target="_blank">Read-&gt;</a><a href="https://www.diamond-consultants.com/avoiding-the-succession-cliff-potential-paths-for-soon-to-retire-advisors/" rel="nofollow" target="_blank">Avoiding the Succession Cliff: Potential Paths for Soon-to-Retire Advisors</a> Tenured advisors have invested a lifetime in building a business with real value, yet many don’t have a succession plan. Why the delay? And what are their options? <a href="https://www.diamond-consultants.com/avoiding-the-succession-cliff-potential-paths-for-soon-to-retire-advisors/" rel="nofollow" target="_blank">Read-&gt;</a><a href="https://www.diamond-consultants.com/5-reasons-why-you-should-mess-with-success/" rel="nofollow" target="_blank">5 Reasons Why You Should Mess with Success</a> Amid a banner year, it may feel counterintuitive to even think about disrupting momentum—but it may be wise to do just that. <a href="https://www.diamond-consultants.com/5-reasons-why-you-should-mess-with-success/" rel="nofollow" target="_blank">Read-&gt;</a><a href="https://www.diamond-consultants.com/transitions-retire-in-place-programs-and-termination-a-top-attorneys-perspective/" rel="nofollow" target="_blank">Transitions, Retire-in-Place Programs and Termination: A Top Attorney’s Perspective</a> Attorney Tom Lewis of Stevens &amp; Lee shares advice for financial advisors on navigating transition, avoiding termination, retire-in-place agreements, non-Protocol moves, and more. <a href="https://www.diamond-consultants.com/transitions-retire-in-place-programs-and-termination-a-top-attorneys-perspective/" rel="nofollow" target="_blank">Listen-&gt;</a>Andy Ferguson Founder &amp; CEOAndy Ferguson is the founder and CEO of Proquility Private Wealth Partners, a fully independent Registered Investment Advisor (RIA) based in Las Vegas, Nevada and serving clients throughout the United States.Andy founded Proquility to provide individualized attention and customized planning and investment services for select clients in need of multigenerational financial advice, education, and guidance. The RIA discreetly serves the unique goals of 62 high net worth client families and their philanthropic foundations throughout the United States.With more than 40 years of experience in financial and estate planning at Merrill Lynch, Andy is a Certified Financial Planner (CFP) as well as a Chartered Financial Consultant (ChFC). His Bachelor of Science in Finance is from the University of Arizona, and he received his Certified Investment Management Analyst (CIMA) designation from the Wharton School at the University of Pennsylvania.Andy has served as Chairperson of the Merrill Lynch Advisory Council to Management (ACTM), advising the senior management of the company on issues affecting clients worldwide. He also served as an industry arbitrator for the National Association of Securities Dealers (NASD) between 1994 and 2006. Since 2015 he has been included on the Barron’s “Top 1,200 Financial Advisors” list on an annual basis. In 2018, 2019, and 2020 he was named to the Forbes “Best-in-State Wealth Advisors” list.Andy has been a Las Vegas resident for over 30 years and has maintained an active role in the community. He is past President of the Boys and Girls Clubs of Las Vegas Foundation and has served on the advisory committee for the Marty Hennessy Inspiring Children Foundation. In addition, he is a member of the UNLV Planned Giving Advisors Council and the University of Arizona President’s Club.Andy is a classic film devotee, enjoys playing tennis, bike riding, and sharing a passion for animals with wife Terri in caring for four rescued cats. He has three adult sons and balances his time between Las Vegas and Naples, Florida.<h3>Also available on your favorite podcast app and other media sites</h3><a href="https://podcasts.apple.com/us/podcast/mindy-diamond-on-independence-a-podcast-for/id1305878240" rel="noopener nofollow" target="_blank"></a><a href="https://podcasts.google.com/feed/aHR0cHM6Ly93d3cuZGlhbW9uZC1jb25zdWx0YW50cy5jb20vZmVlZC9wb2RjYXN0Lw==" rel="noopener nofollow" target="_blank"></a><a href="https://open.spotify.com/show/4v7mreLUwSSU0PaqqL7hHD" rel="noopener nofollow" target="_blank"></a><a href="https://www.stitcher.com/show/mindy-diamond-on-independence-for-financial-advisors-considering" rel="noopener nofollow" target="_blank"></a><a href="https://www.amazon.com/Mindy-Diamond-Independence-Financial-Considering/dp/B08JJT7TMX" rel="noopener nofollow" target="_blank"></a><a href="https://www.iheart.com/podcast/256-mindy-diamond-on-independe-31108306/" rel="noopener nofollow" target="_blank"></a><a href="https://www.pandora.com/podcast/mindy-diamond-on-independence-a-podcast-for-financial-advisors-considering-change/PC:27987" rel="noopener nofollow" target="_blank"></a><a href="https://podcastaddict.com/podcast/2116038" rel="noopener nofollow" target="_blank"></a><a href="https://radiopublic.com/mindy-diamond-on-independence-a-p-GZb1qe" rel="noopener nofollow" target="_blank"></a><a href="https://www.deezer.com/us/show/652522" rel="noopener nofollow" target="_blank"></a><a href="https://www.podchaser.com/podcasts/mindy-diamond-on-independence-585681" rel="noopener nofollow" target="_blank"></a><a href="https://tunein.com/podcasts/Business--Economics-Podcasts/Mindy-Diamond-on-Independence-A-Podcast-for-Finan-p1086350/" rel="noopener nofollow" target="_blank"></a><a href="https://www.diamond-consultants.com/feed/podcast/" rel="noopener nofollow" target="_blank"></a><a href="https://www.youtube.com/c/DiamondconsultantsNJ" rel="noopener nofollow" target="_blank"></a><a href="https://www.wealthmanagement.com/search/node/mindy%20diamond" rel="noopener nofollow" target="_blank"></a><a href="https://www.advisorhub.com/mindy-diamond-podcast/" rel="noopener nofollow" target="_blank"></a><a href="https://blog.feedspot.com/financial_advisor_podcasts/" rel="noopener nofollow" target="_blank"></a> <a href="https://diamond-consultants.com/podcast-mindy-diamond-independence/" rel="nofollow" target="_blank">Browse other episodes in this podcast series…</a>

A 37-Year Merrill Lifer Shares Why Even Long-Tenured Advisors Can Benefit by Forgoing CTP and Breaking Away

Josh Brown went from mechanical engineer to the Merrill training program, building a business from 0 to $650mm. Firm changes prompted him and his team to consider their options, launching Northend Private Wealth on LPL Strategic Wealth Services.